(Alliance News) - Cellularline Spa announced Wednesday that it has signed a new financing agreement with Banca Nazionale del Lavoro Spa and Unicredit Spa for a combined total of EUR35 million.
As part of the deal, EUR25 million represents a requalification of pre-existing medium- to long-term financial sources, which will enable the company to obtain an extension of its financial debt maturities by two years.
In addition, the new agreement includes a EUR10 million line aimed at supporting the growth strategy by internal and external lines.
"The new financing agreement allows rebalancing between short-term and medium- to long-term sources and an overall reduction in the cost of the latter. Overall, we believe that the new financing fully meets our financial needs and allows us significant autonomy in the near future, also taking into account the Group's cash generation capacity," commented Mauro Borgogno, Group Chief Financial Officer of Cellularline.
Cellularline closed Wednesday up 1.2 percent to EUR2.58 per share.
By Chiara Bruschi, Alliance News reporter
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